Here’s How, Ethereum (ETH) to Start Gaining Some Strength

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XRP is showing investors that it is not the weakest asset in the market right now. The asset is currently in a consolidation mode around $0.48, but a higher low could form and XRP could enter an uptrend.

On the daily chart, we can see that XRP is trading just below key resistance levels such as the 50 EMA, 100 EMA, and 200 EMA. This usually indicates that the asset is strengthening before making a big move. There is room to go up and the RSI (Relative Strength Index) of 42 indicates that XRP is neither overbought nor oversold.

XRP/USDT chart by TradingView

The formation of a higher low is one of the key indicators to watch out for. If XRP can sustain this higher low, it suggests that market sentiment may be shifting from bearish to bullish. This pattern is often interpreted as a sign of an imminent uptrend as it shows that buyers are entering the market at higher prices and preventing the asset from falling to the previous lows.

The possibility of an uptrend is also supported by the volume analysis. Although the volume has remained relatively constant, an increase in volume during this consolidation phase could indicate significant interest from buyers. A key signal for the bulls is a breakout above the current resistance level accompanied by high volume.

Shiba Inu needs help

The current situation for Shiba Inu is truly dire. The meme coin is in its worst state since the beginning of the year, with some indicators showing values ​​not seen since 2023. Will things change or is this the end for SHIB?

Shiba Inu has fallen significantly and may be quite overpriced. Daily chart analysis shows that SHIB’s value has fallen below several important support levels such as the 50 EMA and the 100 EMA and is currently in danger around the 200 EMA.

The relentless downward spiral has eroded investor confidence and pushed SHIB into oversold territory. With the RSI (Relative Strength Index) currently at 26.99, it’s clear that SHIB is oversold. The last time the RSI hit this low was over 1.5 years ago. An RSI below 30 is generally considered a strong buy signal, suggesting that the asset is cheap and may see price appreciation.

However, for a significant recovery to occur, technical indicators and overall market sentiment need to align. Additionally, trading volume has been declining, suggesting there is not much buying interest at these prices. This further worsens SHIB’s outlook. Due to the speculative nature of the meme coin and its recent performance, investors are cautious about jumping on the bandwagon.

Ethereum Aims for Recovery

Ethereum is on the verge of reaching $3,500 after recent corrections and consolidations. Luckily, a breakout here is quite possible as the second-largest cryptocurrency remains calm while other currencies fall.

Considering the overall market volatility, Ethereum’s ability to maintain its value around $3,500 is impressive. Ethereum has been trending above the 50 and 100 EMAs as well as other key support levels on the daily chart, indicating strong buying interest around them.

With a strong foundation established, ETH is in a neutral position and may move higher without any immediate pressure to sell. If Ethereum can maintain its current momentum and break out of the $3,500 resistance level, it may signal a bullish trend and attract additional buyers.

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Armand Sirignan

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